USX's Vice Chairman Hernandez to Retire
USX Corporation (NYSE: X)(NYSE: MRO) announced today that Vice Chairman and Chief Financial Officer Robert M. Hernandez has indicated that he has elected to retire from the corporation following the anticipated separation of USX Corporation's steel and energy businesses into two free-standing companies. He has been a member of the USX board of directors since 1991.
Commenting on the announcement, Thomas J. Usher, chairman of the board and chief executive officer said, "Bob Hernandez has been responsible for the financial affairs of the corporation for more than a decade. During that time, he has provided great leadership and helped the company to grow and prosper. His contributions to the company can not be overstated."
Effective January 1, 2002, Hernandez will lead the transition team that will be responsible for closing out the financial affairs of USX Corporation.
Hernandez, 56, is a native of Pittsburgh. He holds a bachelor's degree in economics and mathematics from the University of Pittsburgh and an MBA degree in corporate finance from the Wharton Graduate School at the University of Pennsylvania.
Joining the corporation in 1968 as a project associate in the business research group in Pittsburgh, he was transferred two years later to New York as manager-short term investments for the treasury department. Hernandez returned to Pittsburgh in 1972 as general manager-treasury coordination and in 1974 was appointed assistant comptroller of the former USS Chemicals Division. He was named comptroller of the former USS Products Division in 1975 and advanced to the position of director-corporate staff in 1978. He was appointed assistant corporate comptroller in 1980 and was promoted to the position of vice president and treasurer in 1984. He was elected senior vice president and comptroller of USX Corporation and named to the firm's corporate policy committee in 1987. He was appointed president of U. S. Diversified Group in 1989 and was elected senior vice president-finance and treasurer in 1990. He was elected executive vice president-accounting & finance and chief financial officer in 1991 and was elected vice chairman in 1994. In addition, he is chairman of the United States Steel and Carnegie Pension Fund.
Hernandez is chairman of the board of directors of RTI International Metals, Inc. He also is chairman of the Executive Committee and a director of ACE Limited (an offshore insurance company), as well as a trustee and vice chairman of the BlackRock Funds.
Hernandez serves on the board of directors of the University of Pittsburgh Medical Center Health System, the Strategic Investment Fund, Inc., Strategic Regional Developments, Inc. and the Pennsylvania Chamber of Business and Industry. He is a member of the Pennsylvania Business Roundtable and chairs its Taxation Subcommittee.
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SOURCE: USX Corporation
Contact: William E. Keslar or Don H. Herring of USX, +1-412-433-6870
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